Pakistan is expecting confirmation from the United Arab Emirates of a $1 billion funding guarantee this week which would pave way for an early signing of its bailout agreement with the International Monetary Fund (IMF), well-informed sources told ProPakistani.
Finance Minister Ishaq Dar has already made a special request to the UAE authorities for arranging the $1 billion guarantee for the cash-strapped South Asian economy.
In this regard, the Finance Ministry secretary will discuss details with the lender at the 2023 spring meetings of the World Bank Group and IMF this week.
So far, Finance Ministry officials have said that formalities for arranging external financing of $1 billion from the UAE have already been completed. The IMF will receive a written guarantee subsequent to confirmation of all technicalities from UAE to Pakistani authorities, they added.
Pertinently, the Prime Minister’s Office has reached out to friendly countries for help in order to fulfill the IMF conditions.
Since January, the Pakistani government has been bargaining with the Washington-based lender to release $1.1 billion from its $6.5 billion Extended Fund Facility (EFF) agreed upon in 2019. The IMF has delayed the agreement until all guarantees of additional funds from friendly nations are confirmed.
Last week, Saudi Arabia gave Pakistan the green signal for financial support of $2 billion.
Please for the love of God bring some one who knows economics. This article is pathetic and garbage.